Horton Point Snags JPMorgan, BlackRock Vet

Dec 11 2008 | 12:52pm ET

Quantitative multi-strategy hedge fund Horton Point has retained Dmitry Udler to advise it on re-engineering its risk management process. Udler was formerly executive director and head of market risk measurement and back testing at JPMorgan Chase.

Prior to his tenure at JPMorgan, Udler served as head of market risk research and methodology at HSBC Securities and head of quantitative credit at BlackRock.
 
“The recent market events have clearly shown us how inadequate the so-called ‘industry-standard’ risk management practices are,” said Dimitri Sogoloff, president and CEO of Horton Point.  “None of the conventional risk measures, like Value at Risk or stress testing would have helped avoid significant drawdowns in the second half of 2008.    Even the most sophisticated players with vast resources showed significant losses as their risk systems failed to react properly. We believe that the standard risk processes should be supplemented by a better understanding of market liquidity and sentiment.  A new math is needed to deal with these problems and it’s going to take a lot of research.  We are hoping that with Dr. Udler’s help we will get there sooner than most.”


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